Mortgage Apps Yay or Nay?
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When it comes to securing a mortgage, it can be a tricky process. Anyone who has ever gone through it will know that there is a huge amount to take into consideration. Getting a decent mortgage is, for the most part, a process of figuring out every detail as fully as possible. And it really pays to have as much help with that as possible. One particularly common form of help in this area is with the use of mortgage apps. With the rise in the smartphone, we have seen more and more apps dedicated to helping homeowners with mortgage information. But which ones should be avoided, and which might actually be helpful? In this article, we are going to take you on a tour of some of the most popular mortgage apps. We will look at the different kinds of app, how they might be able to help you and ultimately if they are worth using or not.
The Different Types Of Mortgage App
When it comes to looking for an app to help you with your mortgage, there are many different kinds out there. As we will see, they are not necessarily all useful, but it is worth taking a look at them. It is often the case that something is useful for one person in one situation, and not in another. So for the sake of appealing to as many mortgage-hunters as possible, we will go through a wide variety of these apps.
First up is the mortgage calculator. It goes without saying that calculating your mortgage is arguably the most vital part of the entire process. Any financially-sensible individual needs to know whether they can actually afford their mortgage. Fortunately, there are a huge number of mortgage calculators to get started with. Of course, this is something of a mixed blessing, in that there are almost too many to choose from. Later, we will take a closer look at how to decide between them.
Another popular kind of mortgage app is the comparison tool. A mortgage is not the kind of decision you rush, and it definitely helps to know what you really want from it. With the right mortgage comparison app, you can feel more confident that you are getting just the right mortgage for your needs. The value of this is hard to overstate.
If you are keen to carry out any affordability checks, then there is an app for that too. One particularly useful example is the mortgage assistant. This is a handy little all-rounder of an app which combines a calculator with an affordability tool as well as a live checker. It is linked to the major banks, making its information somewhat more reliable compared to those that are not linked to banks.
Finally, there is help at hand for the actual process of paying the deposit. If you are in need of software which will give you a helping hand with payments, there are a couple of examples of that too. This category of app is much rarer than the others, however.
Which Apps Are Useful?
Lets discuss which of the above are most suited to your needs, starting with the most common kind, the mortgage calculator.
What is it that you should look for in a mortgage calculator app? First things first, you want to have faith that the information it provides is accurate. Even the slightest mistake or error could make a huge difference to your finances in the long term. As such, you need to be able to know that you can rely on your mortgage calculator app. You should always be careful to look at reviews when you are choosing your mortgage calculator. If you are buying on the app store, it would be worth the extra time of scrolling through reviews to see what people are saying. These reviews are not always trustworthy, however, so it might also be worth carrying out some extra research. Easy Mortgage Apps is a great place to start, as they offer a fairly in-depth service.
For the comparison tools, the main thing is that you want the live information to be accurate. You are probably also looking for a fair comparison, which takes into account a number of variables. Generally, the more detailed, the better. It is most helpful when you have many different aspects being compared on the same page. It might even be worth paying for an app that offers a wide cross-section of information, versus a free app that only offers a limited selection of data and calculations.
Possibly the best all-round mortgage app is the Canadian Mortgage App. This is a useful app produced by Bendigi Technologies, and it benefits from being able to do everything in one. It has a top of the range calculator tool, as well as a comparison tool linked to all the major banks. It offers a level playing field and unbiased perspective from all the major players, which is a handy resource to have at your fingertips. The only other tool that comes anywhere close is the Mortgage Assistant, which was mentioned above. This is, again, a great all-rounder, and it has a lot to offer which the others don’t. One of its main advantages, funnily enough, is its aesthetics and user-friendly handling. It operates smoothly too, and is unlikely to eat up your phone's storage space too much.
Mortgage apps are by no means essential, but there are some available which most people could find useful in some way, whether they are in the research stage, homeowner stage, or renewal stage. As time and technology continues to progress, it seems likely that we will only see more and more of these types of apps. When it comes to choosing the right one, just remember to read as many reviews as possible. Remember to look in different locations for the reviews, for example, within the app and on Google, as this can help you decide which one to go with. Unbiased reviews from users typically hold a lot of weight, as peer reviews generally offer honest, unsolicited opinions from real people. Beware of the "trolls" or "others" (ie competitors, etc) who might post negative reviews under the guise of a "regular person", which are generally fairly easy to weed out.